Things to Know Before enrolling for Medicare
The Medicare debate has been going on for decades and there’s no shortage of opinions about the program. A lot of people don’t know what to think about it without consulting a Medicare Expert, but one thing is certain: you should be planning your future medical expenses without relying on government funding.
Some pros of Medicare include: Medicare offers a significant amount of choice for your health insurance plan. You can choose between different types of plans, including the traditional fee-for-service and Medicare Advantage which is a managed care option that covers many services not covered by parts A and B of original medicare. Your coverage options under Medicare are almost unlimited so you should be able to find an affordable plan that works well with your needs.
Medicare also offers very low out-of-pocket costs compared to other private insurance plans or government-funded programs like Medicaid. This means that if you’re on a tight budget, opting into this program could help save you money in terms of co-pays, coinsurance, deductibles, etc. On top of having less expensive monthly premiums than most private insurers, Medicare also offers more extensive coverage than most other programs.
The cons of Medicare include: Original Medicare (Parts A and B) only covers 80% of your health care expenses. This is significantly lower compared to many private insurance plans that offer 90-100% coverage on average, with the exception of expensive supplemental insurances like Medigap which can cost up to $200 per month in premiums alone. But if you’re not interested in shelling out money for an additional policy every single month, then this might be a good option for you depending on what type of medical costs you expect throughout retirement.